Dow Up 270 on G20 Hopes

By Kevin Spak,  Newser Staff
Posted Apr 2, 2009 8:55 AM CDT
Specialist Igor Lerner of Barclays Capital, center, works with traders on the floor of the New York Stock Exchange.   (AP Photo)
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(Newser) – Stocks shot higher this morning, as the G20 conference and a European Central Bank interest rate cut spurred optimism. The Dow was recently up 271 points, while the S&P and Nasdaq have each climbed more than 3.5%. Financials got a boost, as investors bet on a relaxing of accounting rules, sending Bank of America up 9% and Citi up 8%. An unexpected jump in factory orders only helped fuel the rally.

“Investors are relieved,” one fund manager told Bloomberg. “Production is recovering, and that’s supporting the market.”